Pei completes the acquisition of a 50% stake in Jardín Plaza Cúcuta Shopping Center

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April 21, 2020

Pei acquired a 50% ownership stake in the Jardín Plaza Cúcuta shopping center.
The shopping center has a lettable area of 31,325 square meters.² and 180 commercial premises.
Jardín Plaza Cúcuta opened to the public in 2019, and with this acquisition, it becomes the top commercial asset in Pei’s portfolio in Norte de Santander.

Bogotá D.C., April 2020. Pei, the country’s leading real estate investment vehicle, managed by Pei Asset Management, completed the acquisition of Jardín Plaza Cúcuta Shopping Center for its commercial assets portfolio. Jardín Plaza Cúcuta is the second shopping center under the Jardín Plaza brand, where PEI has investments.

With this acquisition, Pei and its business partners seek to replicate in Cúcuta their successful business and management model, which has been in place in the city of Cali for over 20 years.

The property, which began operations in 2019 and is located in the capital of Norte de Santander, has a rentable area of 31,325 square meters.² and the commercial premises owned by 180. Pei acquired a 50% share of it, corresponding to 16,265 m², with an investment amounting to COP $83,503 MM.

Jardín Plaza Cúcuta’s innovative combination of local, domestic, and international brands, recreational areas with food courts and restaurants, and its distinctive open-air architecture with integrated greenery, makes it a highly attractive shopping center.

Jairo Alberto Corrales, President of Pei Asset Management, stated that “the acquisition of Jardín Plaza Cúcuta allows us to increase Pei’s assets portfolio’s geographical diversification in Colombia, while also bringing the positive impact that these real estate spaces generate for their communities’ dynamics and well-being to other cities”.

With this purchase, Pei’s consolidation further progresses, with an assets portfolio consisting of 146 Corporate, Commercial, Logistics, Industrial, Specialized, and Accommodation properties in 30 cities in Colombia –representing over 1 million m² of leasable area and valued in excess of COP 6.5 billion–. This confirms the vehicle’s commitment to contribute to the country’s economic development in the different sectors.

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Pei completes the acquisition of a 50% stake in Jardín Plaza Cúcuta Shopping Center

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